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How the re-election of Alexander Lukashenko in Belarus could be bullish for crypto

How the re-election of Alexander Lukashenko in Belarus could be bullish for crypto
  • Recently, the people of Belarus have erupted in protest following the presidential election on Sunday. 
  • Alexander Lukashenko could continue his presidency within the nation however, despite his flaws, his re-election could be bullish for crypto.

Recently, the people of Belarus have erupted in protest following the presidential election on Sunday. Alexander Lukashenko could continue his presidency within the nation however, despite his flaws, his re-election could be bullish for crypto.

Lukashenko has allegedly won his re-election against the opposition candidate, Svetlana Tikhanovskaya in what seemed to be a landslide victory with more than 80% voting for him on the 9th of August last week. Whereas many people believe that this result was fraudulent, the result seems to be staying. There have even been reports of falsified ballots.

Lukashenko has been the President of Belarus since 1994 and in that time, he has made many comments on the future of cryptocurrency showing his support for digital assets and Blockchain technology. He even legalised cryptocurrency and initial coin offerings in December 2017, during the bitcoin bull run which saw it go to $20,000.

There is even a video of Lukashenko addressing a crowd in April last year but he proposed using excess energy from the country's first nuclear power plant which was scheduled to be completed at the end of this year. Using this excess energy, it will be used to mine cryptocurrencies such as bitcoin and selling them. The audience laughed in his face following his comments however, the well-known bitcoin advocate Anthony Pompliano showed his support saying that every country will be mining cryptocurrency soon or later.

Despite these bullish words from the country's president, the country itself hasn’t been very supportive of Cryptocurrency. They haven’t been at the front of blockchain discussions around the world despite a few legislative changes here and there.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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